Wednesday, December 1, 2010

Pak to begin IMF loan return in 2012:

Pak to begin IMF loan return in 2012

Pakistan is scheduled to begin paying back the loan elicited from International Monetary Fund (IMF) in 2012, for which the government needs to scramble for more debts right now, Geo News reported Wednesday.

Talking to Geo News, renowned economist Dr Ashfaq Hasan said Pakistan’s economy has been dragged to the brink where nation could not do away with loans.

He stressed the new relations fostered with the IMF will now last longer.

Expressing concerns that the country has to pay back IMF loans from 2012, the economist said Pakistan would have to pay nearly three billion dollars to IMF alone; hence, the government would have to take recourse to large-scale borrowings in future as well.

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